Israel has been one of the fastest growing startup hubs for a while, now the country is also making a place for itself in the financial technology map. The majority of startups in the Israeli startup ecosystem are now focused on fintech and blockchain technology.
According to reports, the number of startups in the fintech sector has increased fourfold from 90 to 430 within a span of 7 years. The cryptocurrency industry has already seen a handful of companies creating Bitcoin and blockchain applications and platforms. Some of the other fintech segments addressed by the startups include security, hardware, new currencies, payments and online commerce.
A startup magazine recently listed few startups as promising blockchain technology companies in the country. These startups are involved in the development of blockchain-based applications and platforms that can address a range of issues. La’Zooz is one such company that has devised a blockchain based ride-hailing application with an intention of disrupting the market currently dominated by Uber. The platform uses blockchain based tokens called Zooz which can be earned by users as they offer rides, while others hailing these rides pay with it. The proof of movement is stored on the blockchain by tracking the transactions.
Another startup, Revelator offers Colu– color coin based digital rights management platform for the music industry. The platform can be used by individuals as well as record companies to manage rights for artistic work and also receive royalties.
Waves and Synereo are two blockchain platforms with their own cryptocurrency ecosystems. Both the platforms offer complete architecture for the users to create and manage their own crypto tokens and decentralized applications (DApps). Synereo has created its own development language, blockchain based cloud storage, and other resources as it tries to compete with Ethereum.
The increased interest in both crypto and fintech sectors is also shared by banking institutions in Israel. Few banks like Bank Leumi and Ha’Poalim have invested themselves into the startup ecosystem, which will help the country emerge as one of the fintech hubs alongside London, Singapore, and others.
Ref: VentureBeat |Deloitte| Image: NewsBTC